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Greenback Slips into WMR Fix

USD
  • Greenback taking a concerted leg lower headed into the WMR fix, helping USD hit new lows vs. GBP, EUR and others.
  • Very healthy volumes noted across a number of currency pairs, with GBP futures seeing over 9,000 contracts change hands on the uptick or around ~$814mln cash equivalent.
  • Move puts the pair at the best levels of the week and narrows the gap with the 100-dma at 1.3925.
  • Slippage in the greenback runs against speculated month-end flow, with Morgan Stanley's July model pointing to USD outperformance into the Friday fix.

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